Finnish utility Fortum is set to gain unconditional EU approval to acquire a 46.65% stake in German energy group Uniper from E.ON, reported Reuters.
State-controlled Fortum’s bid has run into opposition from Uniper, which said that the combination would make little sense given its heavy exposure to gas and coal-fired power plants while Fortum’s focus is on clean technologies.
Approval by the EU would mark a major step towards the deal’s completion, which still requires regulatory clearance from Russia, where Uniper operates several assets through its subsidiary Unipro, to go through.
The European Commission is scheduled to rule on the €3.8 billion (US$4.5 billion) deal, first agreed by Fortum and E.ON in September, by June 15.
Full Content: Reuters
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